Addleshaw Goddard has advised Bartra Healthcare on the sale of four of its nursing homes to Belgian REIT, Aedifica.
The team advising on the sale was led by Neil Bourke (Real Estate, Partner) with support from Lisa Griffin (Managing Associate, Real Estate).
The sale of the four properties sees Bartra Healthcare divest ownership of the homes. The group will continue to oversee the management of the four nursing homes - Beaumont Lodge Step Down Care Unit in Dublin (which is operated in partnership with the HSE), Loughshinny Nursing Home in Skerries North Dublin, Northwood Nursing Home in Santry, and Clondalkin Lodge Nursing Home in west Dublin, (which is currently under development and set to open 150 beds next year). The deal will also see Bartra Healthcare oversee operations at a fifth care home currently under development by Aedifica in Crumlin, Dublin.
The Bartra deal is Aedifica’s largest single investment in Ireland, where it is now among the leading investors in the care home sector. The Belgian investment group, which specialises in healthcare property, particularly seniors housing, has 600 sites across eight European countries valued at more than €5.3bn.
Noting the significance of the sale, Kathi Ó Riain, Head of Real Estate at Addleshaw Goddard, Ireland acknowledged the growing investment in nursing home properties in Ireland.
“The decision by Aedifica to acquire Bartra group’s properties is indicative of a growing interest in the healthcare property sector. This deal is just the latest in a series of recent investments, not just by Aedifica but by a number of REITs in the home care sector. We were proud to have worked with Bartra to deliver a deal that offered strategic benefits to both parties while further strengthening the position of Bartra in the Irish care home sector.
Kathi also noted the importance of such a seamless transition for those residing and working in care homes.
“The acquired properties are subject to long-term leases with the Bartra group, meaning the group will continue to be responsible for the day-to-day running of operations of the homes. The process has been executed with no disruption to residents of the home, or the staff, which is critically important.”